Commentary By

Anthony B. Kim researches international economic issues at The Heritage Foundation, with a strong focus on economic freedom. Kim is the research manager of the Index of Economic Freedom, the flagship product of the Heritage Foundation in partnership with The Wall Street Journal. Read his research.

What are the
economic effects of tariffs?

That
question has been studied in detail dating back to Adam Smith’s “The
Wealth of Nations” in 1776, and a general consensus was long ago agreed to
among economists.

Tariffs
decrease the health, happiness, and fortunes of those engaging in trade by:

Steering trade toward inefficient producers.

Encouraging the covert smuggling of goods.

Rewarding political lobbies rather than productivity and creating vested special-interest groups that depend on government favors for profitability.

The Reciprocal Trade Act would inflict the kind of economic and real-life damage that generations of economists have been warning us about since at least Smith’s time in 1776—which was a very good year for economic theory and, of course, also a very good year for America.

The Daily Signal depends on the support of readers like you. Donate now

Don’t have time to read the Washington Post or New York Times? Then get The Morning Bell, an early morning edition of the day’s most important political news, conservative commentary and original reporting from a team committed to following the truth no matter where it leads.

Email address

Ever feel like the only difference between the New York Times and Washington Post is the name? We do. Try the Morning Bell and get the day’s most important news and commentary from a team committed to the truth in formats that respect your time…and your intelligence.